Suddenly, San Fernando Valley state Sen. Richard Alarcon seems to be everywhere:

Calling for worker's compensation reforms, riding buses through neglected neighborhoods to seek more help for the poor, leading hearings into waste in the California State University's computer system.

Inevitably, such high-intensity activity fuels speculation about political ambitions, especially with term limits hanging over his head. State office, the Assembly, the first Latino mayor of Los Angeles in modern times?

"It's a decision I will have to make at some time, but not at this point," said Alarcon, D-Van Nuys.

"I think everybody knows I'm most proud of my work for Mayor (Tom) Bradley, that I studied urban government and my heart will always be in Los Angeles.

"You do what you have to in your career choices, but if I had the opportunity to be in Los Angeles full time, would I take it? Absolutely."

Such comments, the whirl of recent activity and the years spent carefully cultivating support among various constituencies have caught the attention of many Democratic insiders.

"Everyone keeps asking what's in his future," said Democratic consultant Joe Cerrell. "Part of that is term limits. People get sworn in on a Tuesday and look for their options on Wednesday.

"But, it is also Alarcon. He's a smart guy and someone we're going to hear a lot about."

One of those who has given conditional support to Alarcon is Miguel Contreras, executive secretary-treasurer of the Los Angeles County Federation of Labor, AFL-CIO.

Alarcon has proven himself a loyal ally to labor, but Contreras said he would prefer to see Alarcon remain active in state politics.

"There are a lot of different prospects for Richard," Contreras said. "There is some speculation about him running for the Assembly, where he would have a longer period of time up there and move into key positions."

Contreras made it clear he does not foresee an Alarcon challenge to Mayor James Hahn in two years.

"(Alarcon) has a lot of friends, but the question becomes if we are willing to abandon other friends like we have now in Mayor Hahn," Contreras said. "We are generally committed to stay with the incumbents whose voting record is with us. Mayor Hahn has been with us."

Still, things can change, and Alarcon sees his political career as one of fortuitous opportunity.

He began his professional life as a teacher, went to work for then-Mayor Bradley and became his top aide in the San Fernando Valley.

He parlayed that base into a run for the City Council, which he narrowly won in 1993, and easily won re-election four years later. Faced with term limits, he ran for state Senate and narrowly won in 1998 and easily won re-election last year.

And, now, as he prepares for the future, Alarcon is looking to see where that fortuitous opportunity takes him.

"I'm pragmatic," Alarcon said. "Clearly, every elected official recognizes there is no retirement plan these days with term limits, whether it's statewide or local. So you have to look around."

Alarcon has been both a beneficiary and victim of term limits.

It was term limits that led Alarcon to leave the City Council after five years.

It was term limits that allowed him to move rapidly up the power structure in Sacramento where, today, he serves as majority whip in the state Senate -- a key position in determining legislation.

And in the merry-go-round of state politics these days it creates openings in other offices of interest.

State Treasurer Phil Angelides and Lt. Gov. Cruz Bustamante will have to give up their posts in 2006 because of term limits -- the same time Alarcon's term in the state Senate will expire.

There is the possibility, Alarcon said, of running for the state Assembly, where his eight years of experience in the state Senate could propel him quickly to a leadership position.

And, always, there is the prospect of returning home.

Because he only served five years on the City Council, he could run for that office again for a limited period.

And there is the prospect of running for mayor -- of becoming the first Latino chief executive of the city in modern times.

As a steppingstone for his ambition, Alarcon created and chairs an ad hoc committee on ending poverty, which he has been able to use as a springboard for hearings throughout the state to elevate his profile.

Hearings have been held in Fresno and other parts of the Central Valley where the agriculture industry has heavy seasonal unemployment, as well as in major urban areas of San Francisco, San Diego and Los Angeles.

"This is a work of passion for me," Alarcon said. "My whole life has been spent working for working families and dealing with the problems of poverty."

Alarcon said he hopes to draft a master plan for submission to the state that will outline specific programs -- from health care to education -- to help the state's poor.

At the same time, he is working to build credentials among the business community with legislation proposed to cap costs in the worker's compensation program.

"The one thing I really don't like about Sacramento is the partisanship," Alarcon said. "In the City Council you could work on different issues and not be labeled. In Sacramento, your voting tends to be very partisan, even if you're a moderate Democrat."

According to Arnie Steinberg, a Republican political strategist, Alarcon's political success is owed in part to his opponents' underestimating him.

"He has become more and more visible, which makes people think he's up to something," Steinberg said.

"He is being smart to look at different options. Too many politicians focus on just one thing and are not open to any change. Richard Alarcon could be in a position to run for the right race at the right time."